Unofficial reports surrounding the activities of Babak Zanjani, once Iran's richest man and a figure synonymous with corruption and sanctions evasion, have reignited public and media interest.
Recent reports in Iranian media suggest that Zanjani, despite being officially incarcerated, may be laying the groundwork for ambitious economic projects, including ventures in cryptocurrency, aviation, and oil transport.
The conservative Khorasan daily recently questioned reports about Zanjani's involvement in launching a cryptocurrency bank named Bit Bank. Social media users have said that a sign bearing the bank's name has been spotted on a building in Tehran, fueling speculation about Zanjani's return to economic activities.
"Are the claims regarding Babak Zanjani's new activities true? If so, will he be released from prison, granted conditional freedom as previously mentioned by his lawyer, or will he launch a new round of economic activities from inside prison?" Khorasan asked in a recent editorial.
A video uploaded to a YouTube account in December attributed to Zanjani detailed plans for a blockchain-based economic initiative, describing Iran's economy as fertile ground for such innovations.
The timing of these activities raises eyebrows, given the Trump administration’s potential return to a maximum pressure policy against Iran. Cryptocurrency, particularly projects pegged to stable assets like the dollar, could serve as a tool for evading sanctions. However, no concrete evidence links Zanjani directly to these developments beyond the circulating social media claims.
Adding to the intrigue are notes attributed to Zanjani on social media suggesting the establishment of an airline, Dot One, which promises to transform Iran's aviation industry.
Another report said that Zanjani intends to launch a large-scale oil transport operation involving thousands of tanker trucks. While the authenticity of these statements remains uncertain, the ambitious tone mirrors the bold projects Zanjani was associated with during his heyday.
Conservative media outlets in Iran have called on judiciary officials to clarify Zanjani’s legal and operational status.
In response to speculation about Zanjani’s release from prison, judiciary spokesperson Asghar Jahangir earlier said: "Babak Zanjani has neither been released nor is he on leave." The official said that no recent developments support claims of Zanjani’s release.
Nevertheless, Zanjani’s lawyer, Rasoul Kouhpayeizadeh, fueled speculation by posting a photo on Instagram showing Zanjani with an individual dressed as someone from a Persian Gulf Arab country, tagged at a location in Tehran. The post’s ambiguous nature has only added to the mystery surrounding Zanjani’s exact status and whereabouts.
A Legacy of Controversy
Zanjani’s rise and fall remain one of the most contentious episodes in Iran’s recent economic history. Once valued at $13.5 billion, Zanjani was seen as a key player in circumventing sanctions under President Mahmoud Ahmadinejad. His networks laundered billions through complex schemes spanning Turkey, Indonesia, and Central Asia. Arrested in Iran in 2013, Zanjani was convicted of embezzling $1.9 billion in oil revenues, earning him a death sentence later commuted to 20 years in prison. The government charged that he pocketed money from oil exports insted of returning it to the treasury.
While some officials have praised Zanjani for eventually returning the assets, many argue that his extensive operations were enabled by high-level complicity. The secrecy surrounding his dealings and cooperation with authorities have led many to view him as a figure too well-connected to face the full consequences of his actions.
Zanjani's resurgence coincides with Iran’s ongoing economic crisis. As sanctions persist, limiting oil exports and access to international banking, the government struggles with budget deficits and hyperinflation. Cryptocurrency projects and privatized oil transport ventures, if materialized, could offer alternative revenue streams for Iran’s beleaguered economy.
Yet, the ambiguity surrounding Zanjani’s activities and the lack of official acknowledgment leave more questions than answers.
The appointment of Michael Dimino as Deputy Assistant Secretary of Defense for the Middle East is seen by some observers in Tehran as an indication of a possible recalibration in US policy toward Tehran.
Esmaeil Khatib, Iran’s Intelligence Minister, dismissed the notion of productive negotiations with the US, citing previous instances where, according to him, Washington failed to uphold its commitments.
“The Islamic Revolution has extensive experience with these negotiations, a prominent example being the JCPOA. Negotiations held in Oman, as well as those concerning our assets in Qatar and South Korea, all reveal that the Americans have not fulfilled their promises in any of them,” Khatib told ILNA, referencing the 2015 nuclear deal.
He repeated his staunch opposition to what he called imposed negotiations, adding, “Anyone who is truthful will earn the respect of Iran, Islam, and the Revolution for their honesty, and wherever there is deceit, arrogance, hostility, and oppression, Iran will resist.”
Clerics Echo Anti-US Sentiment
Tehran’s Friday prayers featured strong rebukes of US policies. Ahmad Khatami, a senior ultra-conservative cleric, invoked Iran’s ideological opposition to Washington, saying, “The late leader Khomeini called the US the Great Satan. The Supreme Leader Ali Khamenei has reiterated this stance numerous times.”
Khatami argued that the US’s primary aim in seeking talks was to undermine the Islamic Republic, adding, “The US seeks negotiations as a means to confront the Revolution.”
Ahmad Alamolhoda, Mashhad’s hardliner Friday Prayer Leader, also criticized domestic advocates for dialogue with the West, asking, “With whom do you wish to negotiate? With defeated elements who have sunk to such humiliation?”
Dovish Dimino?
While Iranian hardliners reject overtures from Washington, moderate voices within the country have pointed to potential openings under Trump’s renewed tenure.
Fararu, a relatively moderate Iranian news outlet, highlighted comments by VP for Strategic Affairs Mohammad Javad Zarif, who expressed hope for a more rational approach from Trump.
The outlet noted that recent changes in Trump’s foreign policy team, including Dimino’s appointment, could signal an interest in diplomacy.
Dimino’s stance on the Middle East contrasts with more forceful policies. He has opposed preemptive military strikes on Iran, called for reducing the US military footprint in the region, and emphasized diplomacy as a solution to conflicts.
This Department of Defense official has said that the US should significantly reduce its troop presence in the region and shut down its military bases in Iraq and Syria.
Dimino had described US strikes on the Houthis as lacking deterrent value. He also called for a reassessment of the US presence in the Persian Gulf.
"Iranian power remains both exaggerated and misunderstood. Its economy continues to underperform, and its conventional military is antiquated and untested. Tehran simply doesn’t have the financial capital or hard power capabilities to dominate the Middle East or directly threaten core US interests," he wrote in a 2023 article.
He has repeatedly warned that Israeli attacks on Iran and the Islamic Republic’s proxy forces increase the risks to US forces in the region.
Critics, however, argue that his affiliation with the Quincy Institute for Responsible Statecraft —a think tank known for promoting restraint in US foreign policy—raises concerns about the administration’s commitment to Israel.
Pro-Israel figures, such as commentator Mark Levin, have criticized Dimino’s views, citing his opposition to US defensive support for Israel against Hezbollah. Others view his appointment as a potential indicator that Trump is exploring non-military options in dealing with Tehran.
US-Iran relations have been fraught since Trump’s 2018 withdrawal from the JCPOA, a decision that intensified sanctions and strained Tehran’s economy.
Tensions peaked in January 2020, when a US drone strike killed IRGC Qods Force Commander Qassem Soleimani, an event that both nations view as a turning point in their confrontation.
As Trump’s administration implements a renewed maximum pressure campaign, debates persist about the feasibility of US-Iran diplomacy.